In a critical time such as this, it becomes obvious if the management of any company has what it takes to lead the company through the crisis or if they are just incompetent and not capable of doing anything but cut jobs and hope for the best.
I think we discovered which group Schlumberger leadership fits into...
Lay-offs. It's the SLB way!
Schlumbots and cheerleaders
You cannot turnover French employees that quickly. Best of luck.
What does the SLB Board of Directors do? If I performed like they do I would deserve to be let go.
The situation is definitely bad, but to be fair the PK regime made an absolute mess of things that must be cleaned up at the same time as dealing with all of the fallout of the SARS-CoV-2 situation. All of that M&A activity over the past 9 years growing the company for market share dominance for markets that weren't there... made no sense at all, not then and certainly not now. How the board hasn't had massive turn over after greenlighting that nonsense is beyond me - shareholders use your proxy votes to change that! Now you see all of those bad decisions being slowly unloaded. OLP is an SLB lifer, PK was not, he has been around a while through many downturns and is at least trying to do the right thing as much as possible. The furlough program is certainly preferable to immediate layoffs, which would have absolutely have happened under the 'profits first' reign of that imbecile PK.
All executive pay should be cut by 50% no exceptions!
It shows how bad all companies are run. A slight dip in the economy and they go straight into panic mode and start culling people. All they care about is shareholder value and the next 1/4 results. Money in the bank to tide us over? Don't be silly. Why would we care about employees? Plenty of sheep ready to step in their shoes.
It's very short-sighted. Made $100MM profit this 1/4. Not good enough, let's make $200MM cause them shareholders yachts don't run on fresh air.
It will be the downfall of the lot of them. Hopefully.